The World Bank has now granted a loan to the tune of $2.1 billion to Nigeria.In a statement seen, it can be confirmed that the funds will be channeled towards seven projects including nutrition, access to electricity, states’ fiscal transparency, polio eradication,women’s economic empowerment, public finance and statistics and reducing vulnerability to soil erosion.
According to the World Bank Country Director for Nigeria, Rachid Benmessaoud;
“the Federal Government of Nigeria’s Economic Recovery and Growth Plan identifies human capital investment, restoring growth, and building a competitive economy as its key pillars.”
The projects were approved by the International Development Association (IDA), the bank’s low-interest arm.
According to the international Bretton Wood institution, more than half of the loan would be used to fund power, climate change projects and boost fiscal transparency.
It was added that $7 million grant was also approved for nutrition.
“The approved projects support the implementation of the government’s growth plan.
“The World Bank Group (WBG) has extended its country partnership strategy for Nigeria until June 30, 2019. During FY2018 and FY2019, the WBG support will focus on revenue diversification and mobilization, addressing the binding constraints for attracting private financing, and improving social services delivery for building the human capital needed for inclusive economic growth, in alignment with the economic recovery and growth plan.”
Below are the approved projects:
State Fiscal Transparency, Accountability and Sustainability Project – $750 million
Fiscal Governance and Institutions Project – $125 million
Nigeria Erosion and Watershed Management Project – $400 million
Nigeria Electrification Project – $350 million
Accelerating Nutrition Results in Nigeria Project – $7 million
Nigeria Polio Eradication Support Project – $150 million
Nigeria for Women Project – $100 million.
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